Stocks Ended Lower as Fed Decision Loomed

U.S. stocks closed lower on Monday ahead of the Federal Reserve’s much anticipated policy meeting this week. The Dow Jones Industrial Average slipped 62.13 points, or 0.38%, to 16,370.96. The S&P 500 was down 8.02 points, or 0.41%, to 1,953.03. The Nasdaq Composite fell 16.58 points, or 0.34%, to 4,805.76.

The Fed has said it will raise rates when it sees a sustained economic recovery with emphasis on jobs and inflation but while the jobs market has improved inflation has been held down by weak oil prices.

Brent fell almost 4 percent on Monday, narrowing U.S. crude’s discount against the global oil benchmark to the lowest since January. Brent settled down $1.77, or 3.7 percent, at $46.37 a barrel, the lowest settlement in two weeks.

Credit Suisse Group AG, one of the biggest operators of a “dark pool,” reached a tentative agreement to pay around $85 million to New York and federal authorities to resolve allegations of wrongdoing in its private trading venue.

The United Auto Workers union said Sunday that it chose Fiat Chrysler as its target company in ongoing contract negotiations with Detroit automakers.


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